Tucson, AZ, September 18th, 2023 NuvOx Therapeutics (“NuvOx”) announced that it has closed an oversubscribed convertible notes round, raising approximately $7M out of the originally planned $5M. In this raise, NuvOx leverages large angel groups nationwide, and 11 angel groups joined the round. As a result, NuvOx welcomes three board observers from New World Angels, NOLA Angel Network, and MEDA/TCA/Pasadena Angel Network.
Evan Unger, MD, President and CEO of NuvOx, said, “We are thrilled about the raise and the overwhelming support from angel networks. Currently, we are conducting a Phase IIb oncology trial in US, and are planning another Phase IIb and a Phase Ib trial outside US in next year. This round, together with non-dilutive funding, will enable us for a great inflection point.”
“The astounding success of this raise is a nod from the investors to our technology, clear strategic directions, and execution,” said Rong Wang, Chief Operating and Financial Officer, “Not only we leverage their capital, but also benefit from their generous support in our future funding and operation endeavors. We are determined to continue our stride, advancing our technology for patients and making returns for investors.”
“We are very pleased to be able to support NuvOx Pharma, having led a syndication round that included Tech Coast Angels – Orange County, Pasadena Angels and our MEDA Angels investor members, collectively raising nearly $1M for NuvOx. The company has developed a breakthrough technology to deliver oxygen, that has the potential to extend survival for patients with devastating cancers, and prevent mortality and high morbidity associated with strokes. Their platform technology can further be applied to other diseases with high prevalence including cardiac, respiratory and more, to truly bear high impact on patients in need,” said Elizabeth Cho-Fertikh, PhD, Cofounder & Managing Director, MEDA Angels.
NuvOx is a privately held, clinical Phase IIb stage company, developing a novel oxygen therapeutic where hypoxia plays a role. Hypoxia, or low oxygen, is responsible for resistance to cancer treatment, brain damage in stroke, and the death of COVID-19 patients with acute respiratory distress syndrome (ARDS).
The Company’s lead drug - NanO2TM represents a disruptive platform technology addressing multiple highly unmet needs, with positive clinical efficacy demonstrated in two completed Phase Ib/IIa studies: glioblastoma multiforme as a radiosensitizer and stroke as a neuroprotectant. It was shown to be the most effective oxygen therapeutic from the literature survey from 74 clinical-stage compounds. It has safety and efficacy data in 7+ indications in various clinical stages, including Orphan Drug Designation for both glioblastoma and sickle cell.
The product was derived from Dr. Evan Unger’s pioneering work in microbubbles, which was commercialized as the #1 selling contrast agent. As such, it has safety data in 2,000+ subjects. The product is designed to be synergistic, rather than competitive with standard of care.
About New World Angels
New World Angels (NWA) (www.newworldangels.com) is a group of over 100 accredited, private investors, operators, and entrepreneurs dedicated to providing equity capital and guidance to early-stage innovative companies. Members of NWA have extensive experience in founding, building, and managing companies across a wide range of industries. NWA members are involved in the entrepreneurial communities from Miami to Jupiter on Florida’s east coast and from Naples to Tampa on Florida’s west coast. NWA has invested over $30MM in growing innovative start-ups. In addition to providing funding, NWA members make their expertise and resource networks available to portfolio companies to facilitate a company’s growth.
About MEDA Angels
MEDA Angels is a healthcare-focused angel investor group, with an associated Fund, that was established by physician- and scientist-investors in 2019. Members include many from the healthcare sector including physicians, payers, healthcare systems, former industry executives, exited entrepreneurs as well as others with finance and legal background. This depth and breadth of expertise enables the group to conduct 360 degree assessments of companies to invest in the most promising. Further, MEDA provides not just funding but also leverages its expertise and networks to support all portfolio companies on their entrepreneurial paths. The group is a member of Tech Coast Angels Network which includes TCA-LA, TCA-OC, TCA-IE, and Pasadena Angels.
Dr. Evan Unger, CEO
Rong Wang, COO/CFO
Forward looking statement
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